U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California > San Diego
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 10-13-2006, 06:54 PM
 
1,868 posts, read 3,885,759 times
Reputation: 502
Default Supply and demand?????

from the San Diego Tribune:

In Escondido's case, Faye Hines of ERA Property Movers said the area offers more house for the money than coastal locations. But she acknowledged that attracting buyers is difficult. She represents one seller who moved out of town and put her house on the market at $690,000 two weeks ago, reduced it to $685,000 this week and will make further adjustments every week.

“We have so many fewer buyers than inventory – we're totally over-inventoried,” she said. “I can't understand why everybody in the world isn't buying . . . . They should get off the fence and make it happen.”
Reply With Quote Quick reply to this message

 
Old 10-13-2006, 08:01 PM
 
3,001 posts, read 10,067,410 times
Reputation: 803
Another thing that is killing Escondido is the construction on the 15....it's brutal. You could build a small city inside the area they have closed for construction from Carmel Mtn to Escondido......this tightens up the No and So bound lanes and makes for a hellish commute.....worse than the previous hellish commute.
Reply With Quote Quick reply to this message
 
Old 10-16-2006, 12:29 AM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 10,116,373 times
Reputation: 921
Quote:
Originally Posted by shannon94 View Post
from the San Diego Tribune:

In Escondido's case, Faye Hines of ERA Property Movers said the area offers more house for the money than coastal locations. But she acknowledged that attracting buyers is difficult. She represents one seller who moved out of town and put her house on the market at $690,000 two weeks ago, reduced it to $685,000 this week and will make further adjustments every week.

“We have so many fewer buyers than inventory – we're totally over-inventoried,” she said. “I can't understand why everybody in the world isn't buying . . . . They should get off the fence and make it happen.”

A very small percentage of people can afford a $700k house and even some that can refuse to spend that much, either getting a smaller cheaper house or leaving California and buying an upper class house for less!
Reply With Quote Quick reply to this message
 
Old 10-16-2006, 06:48 AM
 
1,868 posts, read 3,885,759 times
Reputation: 502
Quote:
Originally Posted by Need_affordable_home View Post
A very small percentage of people can afford a $700k house and even some that can refuse to spend that much, either getting a smaller cheaper house or leaving California and buying an upper class house for less!
Ya think??? lol ..................
Reply With Quote Quick reply to this message
 
Old 10-16-2006, 10:20 AM
 
2,011 posts, read 3,225,726 times
Reputation: 1722
My favorite quote from the realtor is: “I can't understand why everybody in the world isn't buying . . . "

Is she for real? She doesn't "understand"? How is she in the business of "helping" people find a home, or whatever her mission statement is, and yet be so far removed from reality?

Also, the Prop. 13 is unfuriating to me. Whatever price you purchase your home for at this point is the tax rate that you'll be stuck forever (and it can only go up). I've looked at homes on Zillow, and find that one person is paying $800+ a year for an $900K home, while someone else is paying $4,000+, someone else $9,000+ - the whole thing is crazy. When prices go down to what people consider is respectable and that they can actually afford the mortgage, property taxes, insurance, with 50% of one income (opposed to 50-60% of two incomes) - perhaps they will purchase. That's my answer to the realtor who doesn't "understand".
Reply With Quote Quick reply to this message
 
Old 10-16-2006, 12:22 PM
 
Location: Rolando, San Diego CA 92115
7,130 posts, read 18,131,385 times
Reputation: 2900
Quote:
Originally Posted by Donna7 View Post
Also, the Prop. 13 is unfuriating to me. Whatever price you purchase your home for at this point is the tax rate that you'll be stuck forever (and it can only go up). I've looked at homes on Zillow, and find that one person is paying $800+ a year for an $900K home, while someone else is paying $4,000+, someone else $9,000+ - the whole thing is crazy. When prices go down to what people consider is respectable and that they can actually afford the mortgage, property taxes, insurance, with 50% of one income (opposed to 50-60% of two incomes) - perhaps they will purchase. That's my answer to the realtor who doesn't "understand".
Could be worse! My family owns a house in the Hamptons on Long Island. The taxes there are insane. Prop tax, village tax, town tax. Old ladies in paid-off houses are faced with 25k property tax bills. They have to sell their homes to pay the tax. Happens all the time.
Reply With Quote Quick reply to this message
 
Old 10-24-2006, 02:24 PM
 
1,309 posts, read 3,876,311 times
Reputation: 1676
Quote:
Originally Posted by shannon94 View Post
“We have so many fewer buyers than inventory – we're totally over-inventoried,” she said. “I can't understand why everybody in the world isn't buying . . . . They should get off the fence and make it happen.”
That's easy to explain. According to Newsweek magazine, 40% of all properties sold in 2005 were purchased for investment, not primary homeowner occupation. After the stock market deflation in 2001, real estate became a de facto stock market. Instead of purchasing shares in Disney or Microsoft, people bought second and third homes and watched their values inflate. We all need to understand this: nearly half of the demand that created the rash of development over the past five years was for homes that would not be owner-occupied. That was an unsustainable strategy. Those people are now shedding their extra homes as they are becoming a value-loss component of their investment portfolios. As a result, many markets are over-built and people are leaving because liveability has been compromised.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California > San Diego
Similar Threads

All times are GMT -6.

© 2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top